Michigan Form PC 577: Inventory, Appraisals, and Filing Fee

Michigan Form PC 577 is the probate inventory a personal representative files to list every asset the deceased owned individually at death, along with each asset’s fair market value on that date. Under MCL 700.3706, you have 91 days from the date your letters of authority are issued to prepare the inventory, serve it on everyone entitled to receive a copy, and present the totals to the probate court so it can calculate the inventory fee.¹ The form is a free PDF from the Michigan Courts website.²

What Belongs on PC 577 and What Stays Off

The inventory covers only probate assets: property the decedent owned individually that doesn’t automatically pass to someone else by law or contract. Typical entries include a home titled in the decedent’s name alone, bank accounts without a joint owner or payable-on-death beneficiary, vehicles titled solely to the decedent, stocks and bonds, household goods, jewelry, and any life insurance payable to the estate itself.

Several kinds of property never enter the probate estate and should not appear on the form:

Jointly owned property with right of survivorship, which passes directly to the surviving co-owner.
Beneficiary-designated accounts, including life insurance, IRAs, 401(k)s, and payable-on-death bank accounts.
Assets already transferred into a living trust, which are administered under the trust.

One exception is worth watching for. If a beneficiary designation has lapsed because the named beneficiary died before the decedent and no contingent beneficiary was listed, those proceeds usually fall back into the probate estate and belong on the inventory.

How to Complete the Form

PC 577 has columns for the asset description on the left and the value figures on the right, with instructions printed on the second page.² Every value is fair market value as of the date of death, not what the decedent paid or what the item might sell for later.¹

Real Property

For each parcel, list the full legal description from the deed or the county register of deeds, not just the street address, and the name of any co-owner. If a mortgage, home equity line of credit, or other lien is attached, state the nature and amount of the debt and subtract it from the gross value. The reported value for any single parcel cannot drop below zero.² Calculate each parcel on its own. If you used a professional appraisal, include the appraiser’s name and address along with a description of the property appraised.

Personal Property

The form draws a line between items that must be listed individually and everyday items that can be grouped. List separately:

Automobiles
Life insurance payable to the estate
Jewelry and antiques
Each bank account on its own line
Stocks, bonds, and mutual funds
Annuities
Any other single item of significant value

Ordinary household goods such as dishes, linens, clothing, and basic furnishings can be grouped into a few broad categories or combined on a single line with an estimated total.²

Liens on personal property are handled differently from liens on real property. If a car has a loan against it, note the nature and amount of the lien but do not subtract it from the gross value.² That distinction matters because it changes the inventory fee.

Bank Accounts and Securities

For each account, give the institution’s name and either its headquarters address or the branch you use most often. Do not put account numbers on PC 577. If you need an account number to tell apart multiple accounts at the same institution, record it on the confidential form MC 97 instead.² Cash account balances are the balance on the date of death, not interest accrued afterward. For publicly traded stock, the standard valuation averages the highest and lowest trading prices on the date of death; if the decedent died on a weekend or market holiday, average the closing prices from the trading days immediately before and after.

Digital Assets

Michigan’s Fiduciary Access to Digital Assets Act, Act 59 of 2016, gives a personal representative legal access to the decedent’s digital accounts, including cryptocurrency wallets, online banking, and PayPal balances, when the decedent consented to fiduciary access or a court orders it.³ The hard part is finding these accounts in the first place, because many statements arrive only by email. Check the decedent’s devices, email, and tax returns for clues. Cryptocurrency is valued at its market price on the date of death.

When to Hire an Appraiser

For assets that are hard to value yourself, such as a small business, unusual real estate, fine art, or collectibles, bring in a qualified appraiser. The instructions require the appraiser’s name, address, and a description of what was appraised.² A professional valuation gives you a defensible number if an heir later challenges it.

Serving the Inventory on Heirs

You must send a copy of the completed inventory to every presumptive distributee, meaning everyone who stands to inherit under the will or, if there is no will, under Michigan’s intestacy laws. Other interested persons, such as creditors, get a copy only if they ask.¹ Service has to happen within the same 91-day window.

Under Michigan Court Rule 5.105, you can serve by handing a copy to the person, leaving it with a suitable adult at their residence, or sending it by first-class mail to their last known address. Mailed service is complete at the time of mailing. Keep a written proof of service for each person; that record is what shows you met the deadline if anyone later claims they never got the inventory. If an heir thinks something was omitted or undervalued, they can file a written objection with the probate court. Catching those disputes before distribution is far easier than unwinding transfers afterward.

Submitting to the Court and Paying the Fee

Within the same 91 days, you must give the inventory information to the probate court so it can calculate the fee required by MCL 600.871.⁴ Filing the original PC 577 itself is optional under MCL 700.3706, which says the personal representative “may also file the original of the inventory with the court.”¹ Some courts want the form filed; others only need to see the totals long enough to compute the fee. Check your local practice.

The fee is based on the total value of estate assets as of the date of death. For real property, the court deducts mortgages and liens before applying the fee schedule. For personal property, the fee is calculated on the full gross value with no deduction for liens.⁵ Rates are set by statute in tiers that climb with the estate’s value.⁶ As a rough example, an estate valued at $250,000 owes roughly $550. The Michigan Courts website has an online calculator where you can enter the total from your PC 577 and get the exact figure.⁷

The fee has to be paid before the estate can close. It is due no later than when you file the petition for complete estate settlement, the settlement order, or the sworn closing statement, or one year after your appointment, whichever comes first.⁴ The court will not accept a final accounting until the fee has been paid and shown as part of that accounting.⁵

If You Find More Assets Later

Discovering an asset after you file the original inventory, whether a forgotten bank account, a tax refund, or personal property stored somewhere you didn’t know about, triggers a duty to prepare a supplemental inventory. The supplement follows the same format and service rules as the original: describe the new property with reasonable detail, use its fair market value on the date of death, and send copies to all presumptive distributees. The court-approved form is PC 578. Filing promptly protects you from any later claim that you concealed or ignored assets.

What Happens If You Miss the Deadline or Leave Assets Off

The 91-day deadline is enforced. Missing it, or neglecting to serve the distributees, can lead to a hearing where you’ll have to explain the delay. Under MCL 700.3611, an interested person can petition the probate court at any time to remove a personal representative for cause, and failing to carry out a statutory duty like the inventory is exactly the kind of cause courts act on. Failure to complete administration and file closing documents can also lead to costs being assessed against you personally.⁴

Leaving assets off on purpose is treated as a breach of fiduciary duty. You sign PC 577 as a “complete and accurate inventory,” so a deliberate omission is a misrepresentation to the court.² The court can surcharge you, meaning hold you personally liable for losses to the estate, and remove you from the role. Negligent omissions, where you simply didn’t look hard enough, can carry the same consequences. If assets surface after the estate has been distributed and closed, reopening it creates additional costs that may fall on the personal representative personally.

1
Michigan Legislature. Michigan Code 700.3706 – Duty of Personal Representative; Inventory and Appraisement
2
Michigan Courts. PC 577, Inventory (Decedent Estate)
3
Michigan Legislature. Fiduciary Access to Digital Assets Act, Act 59 of 2016
4
Courtrules.net. Rule 5.307 Requirements Applicable to All Decedent Estates
5
Michigan Legislature. Michigan Compiled Laws 600.871 – Decedents Estates; Fees; Payment; Final Accounting; Receipt
6
Kent County, MI. Inventory Fee Calculator
7
Michigan Courts. Inventory Calculator